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Pakistan announces ban on cryptocurrencies

Báo Thanh niênBáo Thanh niên23/05/2023


Other officials including State Bank of Pakistan (SBP) chief Sohail Jawad have voiced support for the decision to “ban” cryptocurrencies. The ban has sparked a wave of protests from Pakistan’s cryptocurrency community.

Pasha said the ban on cryptocurrencies was one of the requirements set by the Financial Action Task Force (FATF), which removed Pakistan from its “grey list” in October 2022. The grey list includes countries that the agency considers to have shortcomings in combating money laundering and countering the financing of terrorism.

The FATF cannot impose sanctions on non-compliant countries, but its findings have the potential to influence government and corporate policies around the world. Pakistan’s economy is in deep crisis and the country is currently engaged in tense bailout negotiations with the International Monetary Fund (IMF).

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SBP and Pakistan's Ministry of Information and Technology are currently drafting legislation for the ban.

According to CoinTelegraph , Pakistani citizens are said to be holding $20 billion worth of cryptocurrencies in 2021. However, Pakistan plans to launch a central bank digital currency (CBDC) by 2025 and recently adopted a national blockchain platform called “Know your customer.”

The ban attempt comes at a time of political turmoil in Pakistan. Former Prime Minister Imran Khan was arrested on corruption charges. He was released after the Supreme Court ruled his arrest was unlawful, leading to massive protests in the country.

The Pakistani rupee fell 3.3% to an all-time low, according to Bloomberg.

According to CoinDesk , Pakistan's political and financial instability has led investors to move money into stablecoins as a protective shield.

KTrade Securities Chairman and BlockTech Pakistan CEO Ali Farid Khwaja said that Pakistanis are afraid of the government defaulting, especially when the government is still in negotiations with the IMF on a support package.

He believes that many people are buying USDT on crypto platforms as a way to gain exposure to the US dollar, even though Bitcoin is performing better than the Pakistani rupee. According to reports, more than 20 million Pakistanis have opened accounts on crypto platforms, said the CEO of BlockTech Pakistan.



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